Priority for savings differs between the genders

Recent research by Friend’s Life, conducted as part of its month-long focus on gender, has revealed that men and women have different priorities when it comes to saving – but saving for retirement falls low on the list for both genders.

After essentials such as household bills, mortgages and loans, 18% of women prioritise saving for a holiday, 17% prioritise on making home improvements and 15% pay money into other savings accounts. Just 13% of women surveyed considered saving for retirement a top priority.

Saving for retirement is a priority for slightly more men, with one in six (16%) prioritising financial security in later life. However, 18% prefer to make general savings each month, and 18% save for a holiday.

“These figures are concerning. In the current economic climate, it is understandable that household bills and mortgage payments are high up the priority list, but retirement provision must not be forgotten,” commented Colin Williams, Managing Director of Corporate Benefits at Friends Life.

“With a number of people already facing a pension shortfall, we face the real danger of seeing more and more people reaching retirement age without the financial security that they may expect or desired. Everyone enjoys a holiday, but prioritising such pleasures should not jeopardise retirement security.”

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